THIS IS A TRUE STORY.
The events depicted took place in Minnesota in 2006.
At the request of the survivors, the names have been changed.
Out of the respect for the dead, the rest has been told exactly as it occurred.

However in case of Fargo, the movie which uses a similar disclaimer. According to Richard Deakins the director of photography the events were inspired by multiple incidents which took place in Minnesota and around. So how close is the TV series to the reality?

As close as you want it to be. Neither the TV show nor the movie have any basis in truth, and the Coen brothers have admitted as such. The "disclaimer" intro was marketing, nothing more.
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JohnPApr 22 '14 at 16:25

@JohnP Actually it had nothing to do with marketing, and was never part of the movies marketing. It was a "joke" that was/is really commentary on the realism trend/claim in media.
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RBarryYoungJun 16 '14 at 21:42

In my opinion they're taking the attitude of the police force towards Lester from the way Ed Gein was treated, but I'm sure it's just a wrapped up bunch of dramatization and mixed events with a date slapped on it. Still pretty good so far though.